A 326,000-square-foot site that sits along the Newtown Creek in Long Island City is currently on sale.
The site, at 55-01 Second St., currently houses City Harvest‘s food rescue facility and New Sensor, a guitar part manufacturer. According to the New York Post, the family-owned site could go on sale for as much as $480 million.
Real Estate firm Newmark Knight Frank is handling the sale, which can also be a long-term lease if the buyer would prefer that option, the Post reported.
If the buyer decides to turn the property into a residential site, the space could accommodate four towers, according to the Post. Just 20 minutes away, the city announced it would develop two sites totaling 1.5 million square feet. The city-owned lots will be transformed into mixed-income housing, a school, and commercial and industrial space.
Long Island City residents have expressed frustration with the way rapid development has been handled in the area and some have called for more input on what kinds of projects developers can place in the neighborhood.
QNS reached out to Newmark Knight Frank but did not receive a response as of press time.